National News Analysis

15 June 2024, 12:37 PM

INDIAN OVERSEAS BANK INTRODUCES ‘IOB TRENDY’~ A Savings Account for the Millennials ~

Chennai, March 24, 2021: Indian Overseas Bank has launched ‘IOB Trendy’, a Savings Account that has been thoughtfully customised keeping in mind the banking preferences of the growing millennial population in the country. Millennials today heavily rely on their savings accounts to manage their finances. They want to carry out their banking activities with minimal hassles, and they routinely rely on technology to help them do it. This is exactly what Trendy has to offer…convenient banking with value-adds for the monies they save for themselves at IOB.   Indian Overseas Bank understands that banking needs are prompted by life needs…small and big. IOB Trendy is a Savings Bank Account Scheme introduced by the bank towards this endeavour of understanding the banking needs of millennials and customising the scheme to those needs. At the time of opening an IOB Trendy account, one needs to be within the age bracket of 21 – 38 years. The account may be self or jointly operated. In case of a joint account, the primary holder has to be a millennial at the time of account opening. There is no ‘Opening Balance’ requirement for IOB Trendy…meaning to say no charges shall be levied for the first month for non-maintenance. One will need to maintain a daily minimum balance of INR 10,000/- (OR) a daily minimum balance of INR 5,000/- and a digital turnover (transactions using IOB ATM / CDM / IOB Mobile Banking or Internet Banking fund transfer / IOB UPI transactions or IOB Debit card POS transactions) of minimum of INR 20,000/- per month.   Other value-adds offered by IOB Trendy include…   §  Facility of online submission of application form §  Free personalised accident (death) insurance cover of INR 5,00,000/- if the quarterly average balance is INR 1,00,000/- and above §  Free personalised cheque book (maximum 50 leaves per year) delivered at doorstep §  Free funds transfer online / offline using NEFT / IMPS / RTGS §  Free SMS alerts for transactions (Debit / Credit) §  Free registration of ECS / NACH Mandate §  Free registration of Standing Instructions §  Monthly statement of accounts on registered e-mail §  Auto-sweep facility, when the balance exceeds INR 50,000/- in Savings Account in units of INR 2,000/- and kept as short-term deposits §  Issue of debit cards as per the choice of the customer by paying the applicable charges §  Availability of mobile banking and internet banking on activation of account §  Availability of Video KYC and Online account opening shall follow on implementation of the features

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